SonoSite's revenue declined 12 percent during the second quarter as a slowdown in hospital spending and changes in currency exchange rates took a toll on the Bothell maker of handheld ultrasound devices. The company posted revenue of $52.3 million during the quarter.
Net income came in at $425,000 or two cents per share, compared to $1.4 million or eight cents per share for the same period last year. For the firs half of the year, the company reported net income of $1.3 million.
“Although the economic environment continues to be challenging, we held our own in the second quarter,” said SonoSite CEO Kevin Goodwin in a release. “As expected, the slowdown in US hospital capital spending and a stronger US dollar affected our operating results. We did see some improvement in buying trends toward the end of the quarter, yet our forward planning is focused on earnings and cash flow growth through 2010 as we await a recovery in hospital based capital spending.”
The company also announced a new board member.
Rodney F. Hochman, chief executive officer of Seattle's Swedish Medical Center since April 2007, has joined the board.
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